What Factors Propelled The Growth Of The Plant-Based Protein Market In The Past?
The plant-based protein market has seen considerable growth due to a variety of factors.
• The market size for plant-based proteins has seen remarkable growth in the past few years. It is forecasted to leap from $52.08 billion in 2024 to $64.38 billion in 2025 with a compound annual growth rate (CAGR) of 23.6%.
Factors such as heightened awareness regarding health and wellness, escalating worries about environmental sustainability, a growing inclination towards vegetarian and vegan eating patterns, expansion of plant-based food and beverage sector, and the demand for allergen-free and non-GMO protein resources have contributed to the market's growth in the historic period.
What Is The Projected Growth And Market Size For The Plant-Based Protein Sector?
The plant-based protein market is expected to maintain its strong growth trajectory in upcoming years.
• The market for plant-based proteins is projected to experience substantial expansion in the coming years, with an estimated value of $124.55 billion in 2029 and an expected compound annual growth rate (CAGR) of 17.9%.
Factors contributing to this increase during the forecast period encompass regulations and labelling norms favouring plant-derived food items, growing customer preference for ingredients that are natural and possess a clean label, market penetration into middle-income territories and developing economies, rising utilization in functional edibles and nutraceuticals, and escalating interest towards sports nutrition and performance improvement supplements. Significant trends predicted during the forecast timeline consist of technological progress in protein extraction and refinement procedures, hybrid and blended products, proteins produced through fermentation and cultivation, protein solutions tailored to individual needs, and advancements in alternatives to dairy products.
What Factors Are Driving Growth In The Plant-Based Protein Market?
The rise in health and wellness consciousness is set to spur the expansion of the plant-based protein market during the projection period. These proteins derived from plants are beneficial for weight reduction and contribute the necessary elements for the development of healthy muscles and tissues. They possess a high fiber content and fewer calories & fats compared to animal protein. For example, data from the Office for National Statistics, a national statistics entity in the UK focusing on epilepsy, indicates that the UK's healthcare expenditure hit a high of approximately $354.88 billion (£283 billion) in 2022, marking a nominal increase of 0.7% relative to the expenses in 2021. Hence, the escalating awareness around health and wellness fuels the growth of the plant-based protein market.
What Are The Main Segments Of The Global Plant-Based Protein Market?
The plant-based protein market covered in this report is segmented –
1) By Type: Isolates, Concentrates, Textured
2) By Source: Soy, Wheat, Pea, Other Sources
3) By Form: Dry, Liquid
4) By Application: Feed, Food, Other Applications
Subsegments:
1) By Isolates: Soy Protein Isolate, Pea Protein Isolate, Rice Protein Isolate, Wheat Protein Isolate
2) By Concentrates: Soy Protein Concentrate, Pea Protein Concentrate, Rice Protein Concentrate, Hemp Protein Concentrate
3) By Textured: Textured Soy Protein (TSP), Textured Pea Protein, Textured Wheat Protein, Textured Rice Protein
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What Emerging Trends Are Influencing The Growth Of The Plant-Based Protein Market?
Leading businesses in the plant-based protein market are prioritizing the creation of novel products like Meal Extender, to improve nutritional properties and amplify the sensory appeal of meat substitutes. Meal Extender is a component added to a meal to augment its volume without substantially affecting its taste. Routinely utilized in different types of cuisine, meal extenders might include items such as grains, vegetables, or legumes, contributing to cost reduction and enlargement of serving sizes. To cite an example, in July 2024, Nestle, a food corporation based in Switzerland, introduced Maggi Rindecarne to enrich meals by blending it with customary minced meat. Maggi Rindecarne is a plant-based meat extender that improves meals by merging with traditional minced meat, yielding roughly 5.2 g of protein per portion while maintaining a low-fat content. This budget-friendly solution allows households to double their meal portions, making it a financially prudent option for cost-aware consumers.
Who Are the Key Players in the Plant-Based Protein Market?
Major companies operating in the plant-based protein market include:
• Archer-Daniels-Midland Company
• DuPont Nutrition & Biosciences
• Axiom Foods Inc.
• Cargill Inc.
• Kerry Group
• Ingredion Inc.
• Roquette Freres SA
• Wilmar International Ltd.
• Glanbia plc
• Cosucra Groupe Warcoing SA
• Sotexpro SAS
• Emsland Group
• Puris Proteins LLC.
• Beyond Meat Inc.
• ETChem Ltd.
• BENEO GmbH
• Tate & Lyle plc
• Shandong Jianyuan group
• American Casein Company
• Proeon Foods
• Australian Plant Proteins Pty Ltd.
• Impossible Foods Inc.
• Nestle SA
• Kellogg Company
• Conagra Brands Inc.
• Tyson Foods Inc.
• Turtle Island Foods
• Lightlife Foods Inc.
• Field Roast Grain Meat Co. Inc.
• Quorn Foods Ltd.
What Is The Most Dominant Region In The Plant-Based Protein Market?
North America was the largest region in the plant-based protein market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the plant-based protein market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
